Most of America would be hit by tax increases and spending cuts from 'fiscal cliff'

  • Article by: CHRISTOPHER S. RUGABER , Associated Press
  • Updated: November 13, 2012 - 4:00 PM

WASHINGTON - Everyone who pays income tax — and some who don't _will feel it.

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medvezhonokNov. 13, 12 7:32 AM

"Republican House Speaker John Boehner countered that higher tax rates on upper-income Americans would slow job growth". What slows job growth is companies that just want the money, like the ones that put all there employees on part time to avoid having to provide insurance. Everyone in the U.S. except Republican politicians and there cronies knows that giving money to the rich does not trickle downn into more jobs. it has been a proven fact since Reagan and his days of taxing the middle class in this country to the fullest. search "10 things conservatives do not want you to know about Reagan to see thwe start of the US downfall at the hands of the rich and republican.

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natrefNov. 13, 12 7:37 AM

We spend way too much money. Too many people relying on government. Those who decide to try better themselves are the ones who get hammered. And we elected more of it last week.

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myblunderNov. 13, 12 7:57 AM

It's odd that almost no one in the media even mentioned the fiscal cliff before the election. The WSJ mentioned it somewhat during the Fall but where was everyone else? This should have been mentioned a lot more.

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theagonybhoNov. 13, 12 7:59 AM

medvezhonok, The reason those evil companies are laying people off or just having part time workers is Obamacare, let the cliff happen that way everybody feels the pain and we finally start to address the deficit. Elections have consequences.

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ccjockeyNov. 13, 12 8:07 AM

The reason for all of the tax breaks for families earning more than $250K a year, was suppose to stimulate job growth. Instead they have been pocketing all of this extra money. Now it is time to take that money back and put it elsewhere.

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smkmn13Nov. 13, 12 8:24 AM

@theagonybho -- companies and/or corporations aren't (necessarily) evil, but they are purely profit-driven. the reality is, right now, it's more profit-effective to hire less (especially within the united states), regardless of obamacare. but here's the real kicker: corporate profits are at a record high! recession or not, the people at the top of the food chain are making more than ever. so while people complain about spending and taxing ruining the economy, keep this in mind -- if corporations had less money in their pockets, and spent more on wages, we'd have more jobs! while they can certainly afford to do it, they get to continue to hide behind "obamacare" as the reason why they are so terrified to add workers -- it's completely absurd.

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pieintheskyNov. 13, 12 8:26 AM

This is almost funny, if it weren't so sad! If you listened to Obama campaigning, all that was needed to pull us out of this mess was tax the rich! Now, all of a sudden, when he actually has to make decisions, things are looking a little dicey. You got what you voted for!

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xyz123qNov. 13, 12 8:28 AM

The top 2% who own about 50% of stocks are already unloading and repositioning their assets in anticipation that they are going to get nailed with some sort of increase in their rate of taxes, fees, fines and indirect taxes. Also the top 2% is looking at how they will reestablish their income via passing on what they loose to government to the 98% with an increase in the cost of goods and services and/or layoffs.

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acctsah2Nov. 13, 12 8:33 AM

I thought the montra was "Tax the Rich", but wait, everyone's taxes are going up?? How could that be.......I'm shocked. I thought there was going to be relief for the "dying" middle class?? This is all just so shocking.

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kleindropperNov. 13, 12 8:37 AM

Obama promised "it wouldn't happen". It looks like the House has him over a barrel. I say let it happen.

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